Deyaar in key IMPZ project
Dubai, August 29, 2007
Deyaar announced plans to develop a Dh2 billion ($544.7 million) mega residential project - its largest development to date - in the International Media Production Zone (IMPZ).
The project will be developed on a massive stretch of 40 plots that were recently acquired by Deyaar in a prominent location at IMPZ.
Deyaar chief executive officer Zack Shahin said:
“The initiative is in line with Deyaar’s strategy to bolster its portfolio and widen its basket of residential offerings in order to cater to the surging demand from end users and investors.
“The project at IMPZ will be a landmark project, not only for Deyaar, but also within the real estate landscape in the region.”
Deyaar’s development at IMPZ will be sold in phases over the next few months.
The project will be spread over 827,785 sq ft of land with a built up area (BUA) of 2.6 million sq ft.
Construction is expected to commence in the current year.
This reinforces its status as a leading developer in Dubai’s vibrant real estate sector.
Highlighting the attractiveness of the project, chief operating officer John D’Cunha Deyaar said:
“Over the years, Deyaar has secured the trust and confidence of homeowners and investors by consistently delivering quality projects on time that have provided excellent returns.
“The mega residential project planned at IMPZ is targeted at the value seeking market segment, bringing the benefits of Deyaar’s development expertise, IMPZ’s strategic location and the world class infrastructure planned by TECOM investments. ”
Deyaar’s development will be located on the edge of IMPZ, on Emirates Road, adjoining Nakheel’s Jumeirah Golf Estates.
Commenting on the project, Hamad Al Huraiz, executive director IMPZ, said:
“The project is a significant step forward in the development of IMPZ’s residential component. We are extremely pleased to secure the participation of Deyaar.”
IMPZ is set to emerge as one of the prominent media hubs globally. An initiative of the visionary Dubai government, and spearheaded by TECOM Investments, IMPZ aims to create a unique cluster environment for media production companies from across the industry value chain.
The project will offer buyers exclusive world-class amenities that will be woven into its exceptional design.
In addition to this, other elements such as lush green landscape, dedicated club and state-of-the-art recreational and leisure facilities, will add to the lure of the project.
Deyaar is one of the fastest growing real estate companies in the region.
Headquartered in Dubai, the company has grown significantly to evolve as a complete `one-stop real estate solutions’ provider.
Deyaar today is the most prominent and trusted names in the real estate business with interests in development, property and facilities management, besides also offering a range of services such as brokerage, marketing and sales.
Over time, Deyaar’s strategic solutions and deep market insights have helped create exceptional value for investors.
The company currently manages over 16,000 commercial and residential properties.
Led by a panel of powerful personalities and experts, Deyaar is set to play a pivotal role in the region’s property landscape.